Elphinstone Acquires Trikl to Drive WealthTech Innovation in Pakistan

Y Combinator-backed investment platform Elphinstone has announced its acquisition of Trikl, a Pakistan-based WealthTech startup backed by Orbit Startups. The terms of the deal remain undisclosed, but the acquisition represents the first major consolidation within the WealthTech sector in Pakistan. Haseeb Siddiqui, Co-founder & CEO of Trikl, said, Elphinstone plans to leverage Trikl’s technology stack to bolster its digital asset management and personal financial management services by expanding its product offerings, improving its market reach, and innovating digital financial solutions for Pakistani users. As part of the transition, Trikl’s Co-founder and CEO Haseeb Siddiqui will step down from his role but will join Elphinstone’s Board of Directors to support the company’s growth. Farooq Tirmizi, Co-founder and CEO of Elphinstone, commented, Our goal is to cater to the full spectrum of saving and investing needs of Pakistanis. While we’ve started off in the niche of helping Pakistanis who have USD income or assets access the US markets, our ultimate aim has always been the deepening of domestic capital markets, and being able to do so with the platform Trikl has built – taking advantage of the conducive regulations being put in place by the Securities and Exchange Commission of Pakistan (SECP) – is a major accelerant in achieving that goal. Founded in 2020 by Farooq Tirmizi and Uzair Mahmud, Elphinstone has seen steady growth, primarily serving Pakistani users with access to US stock and ETF investments via its mobile app, “Elphinstone US.” With both conventional and Islamic investing options, the platform has built a customer base that provides demographic and financial data to optimize portfolios, helping individuals invest globally from Pakistan and the Middle East. The company manages over $1 million in assets and has raised $1.5 million to date from prominent investors like Y Combinator, Soma Capital, and Hi2 Global. “Reinforcing Pakistan’s position as a breeding ground for innovation, and a testament for its startup ecosystem … we are proud to be one of the early believers in Trikl, and prouder to see the successful acquisition of Trikl! Congratulations to Haseeb, Trikl team, our co-investors, and all the beneficiaries!” Sabr Capital, an investor in Trikl, commented on the acquisition. Elphinstone intends to capitalize on Trikl’s technology and regulatory positioning to deepen retail investing in Pakistan. Plans include introducing new asset classes and domestic mutual funds while exploring options like 401(k)-style provident funds tailored to the local market. This strategic expansion aligns with Elphinstone’s vision to cater to a broad range of saving and investing needs in Pakistan, deepening domestic capital markets in line with SECP’s supportive regulations. Trikl, founded in 2022 by Haseeb Siddiqui and Momin Abrar, operates as one of Pakistan’s first digital Asset Management Companies (AMCs) under the Securities and Exchange Commission of Pakistan’s (SECP) Regulatory Sandbox. Trikl’s technology integrates automated investing, expense tracking, and personal financial management. This approach has positioned Trikl as a key player in Pakistan’s WealthTech space, attracting notable investors like Hi2 Global, Kube VC, Sabr Capital, and Cordoba Ventures.